I appreciate EP and FS getting the timely 10-Q out yesterday. I can see a restated version of 2Q2011 coming out later down the road. Here's the rub . . .
According to rules of GAAP accrual accountancy income must be recognized when the company EARNS it. The company clearly earned revenues from two large projects: Turtle and Twelve during the quarter.
Both revenue streams are being delayed on the 10-Q due to the reporting delays from third parties contracted. Simply waiting on the reporting record and cash payments from 3rd parties is a cash basis accountancy declaration. EP should not be mixing accrual and cash accounting.
A credit should have been applied to the 10-Q for 'best expectation' of revenue and an adjustment made following the actual receipt of reporting documents and the check received. IMO, of course.
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